see you later. did i mention you're peter costa. i think i did. >> you don't have to. >> that's the first hour of "closing bell" closing with a gain of about nine points. we'll have more with maria bartiromo in the next hour, stay tuned. and it is 4:00 on wall street, do you know where your money is? the market seesawing on wall street, and the office jobs report is out first thing on friday. where are they going from here? top market strategists will know shortly. and williams harrison would explain why he cannot disagree more with sandy wyles call to break up the big bants.

the dow jones finishes positive about 12 points. volume under 600 million shares here. the nasdaq was down 5.75. it was had news last night for fedex. so what should investors be watching for now. i have doug sandler from river front investment group, ron insana, and rick santelli. >> yeah, that is really one of the only pieces of news that we could really sink our teeth into. when you hear march yes draghi and chairman bernanke, it's all rhetoric. when you hear companies saying we're lowering our forecasts, and these companies have their

tentacles into just about every almost of the global economy, you have to take notice. >> doug, what do you think? that the fedex warning is more than just fedex and something going on in the world today? >> the thing to remember about stock price social security they move based on two things. what happened and what people expected to happen. i think the globe slowing down, it's weak in china, everyone knows about the euro zone slowness. i think it's reflected as bad as things were, it was only down 2%. and i think a lot of people are vulnerable to expectation that's ll be worse than they really gs are. >> do you think the market can remain resilient? >> we certainly do, and we have been recommending investors take

a dlor cost approach. most people have too much money on the sidelines, and the vaelt there is a lot of risk out there, but the equity risk premium, what you're paid for for taking risk, is about as high as it ever getting. autoof the bad news out there you're getting compensated for it. when that news gets better you will not get the same compensation. >> ron, what about you? >> i think we're moving from the rhetorical stage as far as the ecb is concerned to the action stage. they leaked the whole thing as to what mario draghi will do tomorrow. they're going to sterilize it to keep inflation pressures in check. that's out there, but i think once he says it it may finally sing in, and as steve leisman was saying, the fed is likely to do something too preponderate money has nowhere else to go at

the moment but into equities and financial assets. given all of the concerns we have, it's a better bet the stock market will go up rather than down. >> what do you think they're talking about rick santelli? >> i think they are talking about the stocks, but it's depressing. think about james bullard and his comments talking about the amount we pay for excess reserves and making it a penalty rate and making it negative. the outcomes could still be that trillions of dollars will not move off balance sheets. why not? there are so many things not being cured with liquidity. >> i agree with rick and ron. the bottom line is this economy is being held together by tape and glue, and we're trying to get this pushed past the election. and i'm not sure what we'll be

left with once we get into 2013. i'm certainly enjoying the ride right now, but i will say the foundations from which we have this rally are somewhat tenuous. >> yeah, tenuous because of the slowing economy and earnings? go ahead. >> i would say that tape and glue is somewhat shrewd. remember companies are in great shape. while things don't look good for the consumer and government, companies look good. >> thanks, everybody. see you soon, appreciate your time tonight. today on wall street, it's becoming a theme of this market, bob pisani has more on that. >> tell me about it, the thing here is the holding pattern. take a look at the sectors, either side of positive or anythingtive.

i want to note, health care hit a new high today. that was the one little thing that we had. nokia waiting for that new phone, got poor reception, look at that decline but it has gone up quite a bit going into that lumia phone. we had consolidate trarkt strong at u.s. air. capacity declines at ual, that happened them as well today. let's move on, people have been talking about the low volatility, here is something out of btig. the s&p has not closed up or down 1%. it's only happened ten times in the last 15 years, and 80% of the time, three months out, the market has been up an average of 4%. >> stick with us, a lot more to come your way on this special wednesday edition of the "closing bell." >> coming up, easing the fed.

>> i think we should go and split up investment banking from banking. >> sandy wyle opens some ies on the street with those comments, now william harrison tells maria why the former city group chairman could not be more wrong. and clintonomics. do different times kaulg for different measures? former obama economic advisor peter orszag weighs in. plus, keeping up with kim kardashian. she's laying the grounds for a fashion empire and she's talking only to maria. ch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life.

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welcome back, you heard the calls to break up the big banks, and it's been a hot topic. sandy wyle said this on "squawk box" back in july. take a listen. >> i think what we should

probably do is go and political up investment banking from banking. have banks be deposit takers, make commercial loans and real estate loans. have them do something that will not risk the taxpayer dollars, that's not going to be too big to fail. >> my next guest begs to deliver, he is william harrison, the former ahead of jpmorgan chase and the ahead of the merger high pressure he joins me now exclusively. bill, thank you. you disagree with sandy weill on this, right? >> yes, i think it's a horrible idea to break up the banks. there was a reason they all became large, and that was scale and efficiency, economies of scale that drove it. it wasn't an unnatural act. the result of that, in my opinion, has been a lot of efficiency that benefits the

clients and customers both in the united states and around the world. there was a recent study out quickly on this by the clearing house association. the first time i have seen this people because talk about the economies that takes the top 26 banks in the united states, and basically says that after a lot of study and research they did, it benefits $50 to $100 billion a year because of these efficiencies. it was natural for it all to happen. second from a public policy perspective, we have to remember that we as a country are trying to compete in a localizing world. we have the best banks in the world. they have certainly had a impact on creating large businesses.

why would you want to break all of that up, it makes no sense from a public policy perspective. >> it's important that you bring up the global story. they're obviously not going to compete with the international banks and deutsch banks who will be the large institutions. but let me get your take on what's going on in terms of the masses. time and time again we hear an argument that depositors do not want their money used to take risk. you said they're not too complex to manage. so talk to us. why do people think then that deposit money is being used to take on huge risk when the depositors don't know what that risk is. >> if you really did believe that argument, and broke up the banks into what they used to look like, they would like like

chemical bank or s and l's that were deposit guarantee. these banks took on a lot of risk, we all did. you have not eliminated the problem but doing any of this. the taxpayer is still on the hook if something goes wrong, and i'm not sure that's the lugs. -- solution. >> so what happens then if something goes young and the bank needs a bailout? >> the big banks talked about it and they have not filed a plan as i understand it, for a way to resolve through a bankruptcy top process, an orderly liquidation. i think there is a way to do

that, but i think the main thing is that we have to be careful to overreact to this anger directed towards the banks, and think that the banks caused 100% of this problem. they didn't, they were part of it, but but have to be thoughtful about what is the best way to learn from the crisis in 2008 and make things better. >> what is the best way to learn? yesterday we had someone say that all of the terrible things that have happened lay at the feet of the banks. i got all of this mail from viewers saying he was right, others saying he was wrong, so it will take a long time to get the reputation of the industry back. >> i feel strongly about this. the banks certainly have their share of responsibility, but then you have to look at government policy through,

especially fanny mae and freddie mac. and borrowers, they were becaabg the system. there was a lot of institutions involved in causing the crisis, and it's not good for the banks to be blamed 100%. you could get a bad outcome in terms of how you fix it. >> tell me how you can manage a complex institution that is serving two masters. you've done it. >> yeah, first of all, i think this notion that these big banks are too big to manage, too complex, is not right. we live in a complex world, and we just need to manage things when they go wrong. as a individual and a user of it, or a business manager, it is

complexi comple complex. we should not be talking about rolling back a banking industry that is very efficient to something that was not 15 years ago. so this complexity argument i don't buy. sure big banks are complexion, but if you look at the final institutions that have failed, they have been more -- you take country wide, or wamu, these were companies that weren't nearly as complex by any stretch of the imagination as jpmorgan chase, and they fail more readily. >> what about jpmorgan. i guess after that london wales story, and the losses from that bad trade, it was like see, i told you so -- what was your take on that? >> it was disappointing to all of us that we had that loss, but i think the important thing is to put it in perspective and the market didn't do that very well.

the mark overreacted to it. jpmorgan came without making a significant mistake. it's extraordinary they were able to manage it that way and i didn't need bailout funds. so they made a mistake. we all make mistakes, and one of the advantages of size, scale, and capital, is that you can make a mistake and manage to write through it which they have done in a nice way. this was unfortunate, but we make mistakes. you don't want a company that can't make mistakes. you don't your employees feeling like you can't make a mistake. this was a manageable mistake it seems to me. >> how is jamie dimon doing from your standpoint? >> he is doing a great job. i have been retired for six years. one of the things after spending

30 years at a firm, and you look back, show the firm i left doing? i could not be more proud of what firm has accomplished and the leadership positions they have and the leadership that jamie is providing. i feel great about that. that's not necessarily the case always. >> and you have this populous out thereto that points fingers to the sector. occupy wall street is out there again in force. what do you want to say to those folks that may not understand the situation the way you do. >> it's a tough one. i think the public has been convinced that the banks were the 100% cause of the problem. and -- >> why is that? >> you know, it's -- i don't think our present administration has been very helpful on that suggest, and other expects lemee

not been constructer. producing results will ultimately prevail and get us back on track. >> how do you see the economy overall in terms of being back on track. i know for the boards you sit on and a fund -- how do you see things right now for the fiscal cliff, uncertainty around the election, how are you navigating things sf. >> i know there are a lot of pulls out there today, but i just think until the election is resolved and until the fiscal cliff issue is resolved somehow, in a thoughtful way, and europe gets more clarity on it, we have a very unsettled market. i think it will continue to bounce up and down.

>> is it fair to say that europe is the biggest red flag out there right now for the global economy? >> i think that's true, always i think the structural deficits of the united states, as my good friend bowles and simpson talk about are difficult to deal with. it could cause a hiccup at any type. hopefully the next administration will deal with that. >> which is why romney and ryan put that issue front and center and that is tart of the conversation right now where as we were not talking about these issues before that. low do you think they will play out. a lot of euphoria around it. >> ity tt tt tty -- i think itt important lex of my lifetime.

they are picking between a economic systemen gauged by the government, and more involved with the government, verses the republican side which is going to be less government and more free market. so, it's a choice. i think the candidate that can make the best argument as to why they're model or approach is going to create better economic growth will win the election, and we'll see. i think it will be very close. >> it has been very close in the polls, and it's not just about growth, but also about jobs. we have a jobs report coming out on friday, businesses, i don't know what you're hearing out there, but they're unwilling to add new heads to the payroll, what's stopping them? >> uncertainly of what's going on and the political environment. you have china that is slowed down, but in the united states,

i think you could argue, if you got clarity on the new tax policy, deal with the fiscal cliff issues including dealing with the structural deficit in a way that's something about long term, all of those would be huge for the markets and the economy i believe, and i think a lot of people believe that. >> let me end where i began, and that was the possible break u up of the big banks. what would that mean for the u.s. market share verses international counter parts. do you really think that multinational companies will go to the ubs's of the world and avoid u.s. banks. >> if you broke up the banks on this too big to fail, you're talking about reallial mall banks, you would have 20,000 banks, all very sighny, and the answer is big countries and others would go to providers that can do more for them.

i don't think there is any question about it, so it would be a bad outcome from a public policy position. >> because they're looking for lending programs -- >> absolutely not. companies do like, very much -- i was a client guy, they do like the idea of going into a large june v universal bank that is good at everything. in you have a leadership position and scale, clients love to deal with you because you can help them in every aspect so it's more convenient, cheaper, they like it a lot. >> bul, good though have you on the program. >> thank you, very nice to be here. >> bill harrison, former chairman and ceo of jpmorgan chase. robert frank has surprising statistics on the super rich.

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welcome back, let's get to kayla tausche. >> verifone is sliding on dismal earnings. they have a reported eps of 34 cents a share, they expected 97 cents a share. the next quarter they say they will be lower on revenue than many of the analyst expected. >> all right, kayla, thank you so much. so are the people with the most money also the smart 1991 those looking to put their money to work in the stock market, robert frank has those details. >> rich are still very gloomy about the direction of our country. people with $25 million or more in investment assets, only a third of them felt the economy

was out of the recession. the big problem for them is washington. washington and politics top their list of concerns. only 23% said the economy is fine, and no leadership change is necessary. one bright spot here, however, was stocks. 62% of them plan to invest more in stocks this year. that is a huge number given that they have an average stock portfolio of $7 million. we don't know how much they plan to put into stocks or why, but one reason may be the need for yield. here is what was surprising. more than half of the rich expect returns of more than 9%. in the low yield world that we're in right now, that is a huge target. the rich feel they can't get there without stocks. >> that's interesting. the feeling is that for long term wealth creation, it's about equities. >> yes, people said risk was a

way that we got wealthy, and a lot of the people said 9% returns, that is a huge number when treasuries are below 2%. to get there you have to take big risk with stocks. >> robert, thank you. would a second term for president obama make him more like bill clinton? we'll have the comparisons between obama and clinton. and later, she has a killer body, but does she have a killer mind for business? kim kardashian will join me about her push to change her perso persona. plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more.

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welcome back, the democrats kicking off day two of their convention in charlotte tonight, and the speaker tonight is former president bill clinton trying to make the case that president obama's policies will lead to booming economic times like he had. john harwood with a tree view now. you mare madonna music playing

behind me. last night they got a personal testimonial from michelle obama about barack obama the husband and father. tonight they will get a economic testimonial from bill clinton. what he will say is what he said in this ad that he cut in august saying republicans are running on the same old formula of cutting taxes at the top. against the democratic incumbents program that was like his. >> president obama has a plan to rebuild america from the ground up. investing in invasion, education, and job training. it only works if there is a strong middle class. that's what happened when i was president. we need to keep going with his plan. >> and michelle obama may have the highest numbers, but bill

clinton is saying that barack obama moved away from his policies, but expect him to try to rebut that tonight. >> so it president obama's policy similar to bill clinton's? joining me is peter orszag. he is now the banking chairman for citi group. so president clinton got a lot accomplished in his second term as he moved toward the center. do you think president obama will have to move to the center to reach that kind of achievement? >> i think what's going to happen is probably early next year, not late, next year, you will have a big fiscal deal that gets cut. with a republican house in that scenario, a direct president, it will be a centrist deal, and it has to happen because we have constraints that need to be lifted, and both sides know that. it's a little rocky before we

get there but we will get there. >> so what do you think the deal looks like for the fist kal cliff, tax cuts, and spending programs. >> i think we'll still go over the cliff, and a deal gets cut in early jan. -- january. in which you kbun a more progrepr -- combine a tax cut. i think it's doable and a likely scenario. >> the congressional budget off is saying we'll see a recession in 2013 because this stuff is not being addressed. >> they're saying if you go over the cliff you will stay there. that's very different than the theory that mr. romney is putting forward. he's saying what would cause the

recession in that case is spending restraight and tax increases that were two large. i think under this kind of scenario there will be mill fiscal constraint, and the bigger problem is anxiety from europe. >> president obama talks about returning to the policies of the clinton years, what policies do you think he should be returning to. >> don't forget the tax proposal at the upper end would return tax rates to the rates that exists under president clinton. he has a more middle verse of what existed under president clinton. for everyone else, the tax rates are lower. >> so you think that -- we're talking about different times, right? can you really compare. we're in the '90s, it was boom time, the internet age, so you

had a different landscape. >> there's no question that times were changing, that's why the comparisons often done, the tax share has been 18 or 19%. we need to be talking about what is the right policy on a going forward basis to address economic weakness our our fiscal problem. >> if obama moves to the center, how does that impact the fiscal cliff issues. do you think he gives into republicans or not? >> no, i any there is no deal, you go over the fiscal cliff, they have a universal tax cut, no class warfare charge there, but it's more progressive and even across the income

distribution. >> so many scenarios to look at, peter. what if the president wins and the republicans told the house and the senate are we deadlocked? >> i don't think we will be deadlo deadlocked, it will just be rocky. it will not be apparent how a deal will come together. ultimately we will get a deal, and i think the big danger here is that we have such a prolonged period of uncertainty and anxiety that will provide lots of discussion on your show and other shows, that there is a longer lasting harm that comes out of that. if we spend a month or two in this anxiety mode, you could have a longer term effect from that. >> certainly that's the word. nice to have you on the program. >> thank you. >> now to kayla tausche with a market flash update. >> we're watching shared of

zillow, it went public last year and it's ready for a secondary offering. it is about 3.18 million shares. as you see, investors are selling down the stock. >> the interview you have been waiting for. and i don't normally see this many traders on the floor of this exchange. a lot of people are sticking around. kim kardashian is in the house, we'll talk about her latest business adventure and her take on the election and the economy and more. how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason

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welcome back, she is a reality tv star that has become a celebrity. she has been all over the tabloids for a messy short marriage to a reality tv show "keeping up with the

kardashians." she is in a celebrity beauty licensing company. kim joins me now, it's good to have you on the program. we should tell our audience that normally at 4:43 in the afternoon, we do not normally see this kind of a crowd, but for some reason a lot of traders stick around. >> well, thank you everyone for sticking around. >> first tell me about the company, what are you trying to do? >> i think it's been a huge goal of mine and my sisters to launch our own color cosmetics line. we have clothing, beauty, fashion, that's what we're all really into. so we were looking for the right partnership, the right time, and boldface is exactly what we were looking for. >> and nicole, boldface is a very small company, about one tenth of the typical size of the

company we normally talk about on this network and this program, so what has kim went to your company other than enabling it to be on this show? >> she brings social media problem, and we're on the new way that celebrity licensing is happening. they're not just slapping their name on something, they want to bring out a true inner brand. we understand what the kardashian's want to make. >> kim, you created the khroma brand with your sisters. you co-own dash stores, show dazzle, and you're creating a business empire here. are you trying to change the public per sewn in a of kim kardashian, party girl to business mogul. >> i think the party girl image is not who i truly am, it's a

side of me, i like to have a good time, but i have also had a business side. i have been working since i was 16 years old, building a brand, giving me a show has given me a platform to build the brand. i'm trying to use social media to figure out what my fans like and make a brand for my fans. fashion, beauty, diet, fragrance, that's what they're asking for when i reach out to them. the fact that i a partner with boldface and create a color cosmetics line is great, we all love it and are passionate about it. so if you're passionate about something, and you can work at that and make that a successful business, you will be happy.

>> and retail has been hot on wall street, so as the businesswoman that you are, what's your take on what people want and what economy is right now? >> i think we made adjustments in the way we do our buys for our dash clothing stores. it's a typical boutique and we made adjustments, and i found that selling to mass, but making the quality as luxury as possible to mass is definitely the way to go and a way to sustain retail shops, and our products in this kind of economy. >> so make it accessible to folks. >> slowly. >> nicole, how will you be using kim's name and brand in the boldface empire. >> it's not just her name and brand. these girls work very hard, they're involved every step of the way, they approve every color. so the name of the name is

courtney, kim, and chlkholek kh. >> so kim, the democratic national convention under way, who are you throwing your support hind>> i'm heading down carolina tomorrow. i -- our household is really split, so this is talking politics in these conventions is not anything easy to do in our household. half is republican and half is democrat, and it's a big war in our house, so it's -- >> sounds like the country by the way, right? >> exactly, so i think i'm just really educating myself, i'm heading down there tomorrow to check it out, and that's about it. >> we'll see. so before you go, your divorce

to chris humphreys remain out there, his charges are you organize straited this because you wanted a tv stunt. did you get married just for ratings? >> absolutely not. that just doesn't make sense. i would have -- i don't -- i'm just trying to move on from it. who would do that? it's just not who i am. you get married because you fall in love with someone, you know -- >> in terms of boldface, where we will find the products and when should we expect them on the shelves? >> we're launching at k mart, ulta, and sears. >> nicole, good to have you on the program, kim kardashian joining us right now.

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welcome back. all eyes on the ecb and draghi tomorrow. with 30 seconds on the clock, our next guest will tell us what they think will move the markets. ted, let's kick it off with you. what do you watch for tomorrow? >> thanks, maria. the ecb meeting? what's the outcome? will they ease or will this be a rerun? how strong will draghi's rhetoric be? he's the single largest mover out there. and initial jobless claims. a key indicator. but also now for a very tight presidential race. the market could react to a good or bad number in an unexpected way. >> jason, you're up. 30 seconds on the clock.

>> i think it's mario mario mario. it's all about the ecb. when you really look at what's going on, europe is in a mild recession. seems to be getting a little bit worse as we go through the year. and their bond rates on many of the longer term issues are still at unsustainibly high levels. so it really comes down to how much can the ecb put on the table particularly given the limitations? >> that's obviously the big story tomorrow. >> i couldn't agree more with jason and ted. the ecb press release claims as well as the edp number. equally as well as us, we have three congresses wrapping up tomorrow york and boston. we will continue to listen to these management teams. that's what we're focused on

tomorrow. >> certainly, that will set the tone. >> thank you. we appreciate it. we will see you soon. >> thank you very much. up next, my observation on the gab between clinton and obama's policies. back in a moment. this country was built by working people.

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>> and finally tonight, my observation on clinton omics and obamanomics. at a time the economic policies of president obama are being debated. clinton will make the case. if we want to return to the boom time, we need to stick with this president. let's take a look. remember, bill clinton never waged a clas warfare. he did raise taxes but he did it in a booming economy and those moves really did help balance the budget. in fact it went to a budget surplus. it's political, not practical. that's one of the big

differences. remember, it was on this program that clinton told me directly that the best thing to do was to extend all the tax rates and all the spending programs for a year. it was clinton that orchestrated welfare reform. it was republicans that stood behind him when that deal was made. so tonight's speech will be a good one. he is a gifted speaker and a gifted politician. but if the picture is supposed to make us believe that they are one in the samesome i will leave that to you to be the judge. we will all be watching. nasdaq gave up 5.75 points on the session. thanks for being with me. i will see you on monday. i'm headed to italy